The shares of this second-largest commercial port operator hit their 52-week high after the company’s wholly-owned subsidiary entered into a share purchase agreement worth Rs 270 Crore.
With a market capitalization of Rs 47,817.04 Crores. JSW Infrastructure Ltd, On Tuesday, The shares were trading at Rs 227.70 a share, an increase of 5.01 percent from the previous closing price.
In order to acquire 50% plus 1 share of PNP Maritime Services Pvt Ltd from SP Port Maintenance Pvt Ltd for Rs 270 crore, JSW Dharamtar Port Pvt Ltd, a wholly-owned subsidiary of JSW Infrastructure Ltd, entered into a share purchase agreement and other pertinent transaction documents, according to the company filing.
Together with the aforementioned paragraph, the company’s goal is to increase its capacity for handling cargo as well as its volume and throughput for all kinds of cargo. Taking that into account, this acquisition would support the company’s expansion and growth goals.
JSW Infrastructure intends to upgrade the PNP Port facilities and expand its capacity from the current 5 MTPA to 19 MTPA in a phased manner. This acquisition furthers its vision to increase the use of waterways and existing railway facilities at PNP and adds synergies to the last-mile connectivity.
JSW Infrastructure is a part of the US$23 billion, multi-business JSW Group. By capacity, JSW Infrastructure is one of India’s second-largest commercial port operators, running seaports and terminals that are environmentally friendly.
Looking into the company’s performance, JSW Infrastructure Ltd.’s revenue increased by 28 percent from Rs 662 Crore in Q2FY23 to Rs 848 Crore in Q2FY24. During the same period, net profit increased by 85 percent from Rs 138 crore to Rs 256 Crore.
JSW Infrastructure Ltd is expanding its capabilities at Jaigarh Port by building a 2 MTPA terminal to handle various fuels such as butane, propane, and LPG.
JSW Infrastructure has 15 tanks (6 heavy fuel oil tanks and 9 light fuel oil tanks), Class I to III products, and a 465,000 CBM (cubic meter) capacity for fuel oil, gas oil, diesel, and naphtha. Operations began in 2015.
Services linked to shipping, such as cargo handling, storage options, and logistics, are offered by JSW Infrastructure Limited.
Written By:- Abhishek Singh
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